Lahore Chamber of Commerce and Industry signs Memoranda of Understanding with Ankara Chamber of Commerce and Industry and Kayseri Chamber of Commerce and Industry

Lahore, February 27, 2015 (PPI-OT): The Lahore Chamber of Commerce and Industry has signed two Memoranda of Understanding (MOUs) with Ankara Chamber of Commerce and Industry and Kayseri Chamber of Commerce and Industry in the presence of Prime Minister of Turkey Ahmet Davutoglu and Prime Minister Mian Nawaz Sharif.

The LCCI President Ijaz A. Mumtaz, President of Kaysery Chamber of Commerce and Industry Mahmut HICYILMAZ and Vice President of Ankara Chamber of Commerce and Industry Koray Gungor Sanal inked the Memoranda of Understanding on behalf of their respective organizations.

The MOUs are aimed at providing a general framework to guide the continuous communication and mutual exchange process between both countries and Chambers of Commerce and Industry. The Lahore Chamber of Commerce and Industry and Turkish Chambers would extend their best cooperation for exchanging of trade delegation and would arrange meetings and assemblies for the businessmen of Pakistan and Turkey.

They would also exchange information about trade fairs and exhibitions that might help in the matchmaking process in the both countries and would also exchange research work, studies, documents related to commercial and economic aspects.

The LCCI, Ankra CCI and Kayseri CCI would cooperate in developing small and medium sized enterprises by making mutual projects and exchanging expertise in educational and training fields. The Chambers would organize the training developed program and trade missions, would develop mutual plans, research and evaluation studies.

According the MOUs all disputes, discrepancies or claim arising from or in connection with Protol hereby, would be settled amicably by the three chambers through mediation. Speaking on the occasion, LCCI President Ijaz A. Mumtaz said that Memoranda of Understanding between the LCCI and Turkish Chambers would give a new twist to the economic ties between the two countries.

He said that presence of the Prime Ministers of Turkey and Pakistan shows that they wanted to make mutual relations more meaningful. He said that LCCI and Turkish Chambers would stimulate the businessmen of both countries to initiate joint ventures.

Ijaz A. Mumtaz said that Turkey for being second fastest growing economy of the world after China and first in the European Union has a lot to offer to the Pakistani businessmen. He said the time has come that the businessmen of both the countries should enhance their bilateral relations which will be beneficial for the people of both the countries.

LCCI president said that Pakistani economy could get strength by adopting the development and progress of Turkey as role model. He commended the efforts made by the Prime Minister Nawaz Sharif whose vision has contributed to a great deal in accelerating the two way interaction among the business community of Turkey and Pakistan.

He said that textiles sector of Pakistan has traditionally been the biggest sector of the economy. Studies and surveys confirm that its contribution in total exports are almost 60% and it engages almost 38% of manufacturing labour force to acquire more than 46% share in overall manufacturing.

The LCCI President said that Pakistan technology improvement and capacity building in textile sector of Pakistan is necessary. It does attract foreign investment and no other country can become better partner with Pakistan than Turkey. So any initiative from Turkish business community related to Textiles would always be welcomed.

Ijaz A. Mumtaz said that Turkey is well positioned to take advantage of Pakistan’s economic potential and its geo-strategic location. “Let us make trade and investment, the central pillar of this cooperation.”
He said that with regard to solid waste management, it is proposed that waste-to-energy solutions are gaining a lot of success in modern world.

He said that Pakistan is facing severe crisis in energy sector and it is the best way that we go far all possible options of alternative energy. He said that practical steps like MOUs between the LCCI and Turkish Chambers will surely go a long way in enhancing the current level of two-way trade between Pakistan and Turkey. He said that some analysts presume that the trade volume between Turkey and Pakistan can be increased as high as US$ 2 billion with some joint efforts made by public and private sectors of both the countries.